SushiSwap Founder gives the Project Control to FTX CEO Sam Bankman-Fried

Chef Nomi, the anonymous founder of SushiSwap has given the project control of SushiSwap to FTX CEO, Sam Bankman-Fried. SushiSwap is in the middle of the migration and synthesis of innovations. Chef Nomi Tweeted:

I'm transferring control to @SBF_Alameda now. https://t.co/4Ih16CYCEo

— Chef Nomi #SushiSwap (@NomiChef) September 6, 2020

The Chef Nomi also announced that he has open-sourced the front end of the Sushiswap. 

Decision after Criticism?

It seems that this decision is taken by Nomi after he encountered severe criticism from the DeFi community for transforming a part of SUSHI tokens, intended for the expansion of the SushiSwap community, to ether (ETH) yesterday. The controversial move began speculations that SushiSwap is another exit scam.

FTX CEO Sam-Bankman-Fried’s reply and further project announcement

After the announcement, FTX CEO Sam- Bankman-Fried tweeted that the Multisig is coming soon and he thanked the community for supporting him. He tweeted:

I'm checking this but believe it to be real. Assuming so:

Thanks, @NomiChef, for doing what was necessary.

And thanks to the community for supporting me.

Multisig coming soon. https://t.co/p4i39PUrxx

— SBF (@SBF_Alameda) September 6, 2020

Bankman-Fried will now implement multisig into SushiSwap smart contracts. He further tweeted the project developments. He stated that the migration was tied to Nomi’s key and so now he is canceling that and replacing with an identical one tied to his key. A series of tweets about new developments are as follows:

2)

a) the old migration was tied to Nomi's key, so cancelling that.

b) replacing with an identical one tied to mine.

c) putting up a vote; if majority vote _against_ this migration in the next 12h we'll cancel it

— SBF (@SBF_Alameda) September 6, 2020

4) will then transfer keys to that multisig group.

After that — Sushi shall be back in the community's hands.

We'll put up a vote on this whole plan, if majority vote against then we'll scrap it and go back to the drawing board.

— SBF (@SBF_Alameda) September 6, 2020

Yesterday, the FTX CEO Bankman-Fried had submitted a proposal for the SushiSwap community. SushiSwap was launched as a “progression” of decentralized exchange protocol Uniswap. The platform had gained almost $700M in asset deposits in just 3 days after its launch. According to tracker Zippio, SushiSwap currently has $1.1B in deposits.

The Reaction from the Crypto World

One user tweeted that the FTX CEO has just made the SushiSwap a multibillion DEX company.

SAM ,You just made this SUSHISWAP a reality-A MultiBillion DEX company. You see this Liquidity and Volume?This is just a glimpse of the future- A Sushiswap with ETH -bridge and SOL-Bridge coupled with Serum is going to be the biggest event on DEX. pic.twitter.com/vx305B2SYY

— Lee (@markleegeek) September 6, 2020

The official account of CMS holding tweeted:

First off congrats @FTX_Official and @ProjectSerum on the Sushi acqusisition, do we call these acquisitions I think we do. Second please for the love of god someone write down this whole saga for the crypto annals

— CM$ PRIME (@cmsholdings) September 6, 2020

Nomi is still anonymous and the news of this project control transfer has immediately increased the SUSHI token’s price from around $1.8 to $2.78 at the time of writing.

Note: This article will be updated as additional information becomes available. Please check back here for more updates.